Taxpayers from non-oil sectors that owe debts to the Angolan state from before 2013 will be given a waiver according to information from the Executive Technical Unit for Tax Reform.
The measure has already been approved by Angola’s parliament and according to the assistant director of the unit, Gilberto Luther, covers debts related to Industrial Tax, Income Tax on the Self-Employed, Stamp Duty, Capital Gains Tax and Property Tax.
The waiver will cover the debts themselves as well as interest and fines resulting from non-payment by both individual taxpayers and companies “up to 31 December 2012,” noted Luther, according to Angolan public radio.
“The scheme does not cover public or private companies whose capital is majority public-owned nor companies in the oil and mining sectors – subject to special tax regimes – or companies whose main business is on the periphery of those sectors,” noted Luther.
Despite admitting that this tax debt waiver would mean “a potential loss of revenues,” for the State, he said it was a “stimulus to the economy and consumer spending,” and was effectively a “recapitalisation of companies.” (macauhub/AO)